Bellway's shares fell over 8% after operating margin slipped to 10.5% despite a 6.3% revenue increase to £1.52 bn.
Administrative expenses rose 12.2% to £86.3 m, pushing full‑year cost guidance to £170‑£175 m and eroding cash flow.
Underlying operating profit edged up 1.5% to £159 m, while adjusted operating cash flow fell to £314.1 m and gearing rose to 10.3%.
CEO Jason Honeyman warned Middle‑East conflict could dampen demand and raise cost pressures, while volume guidance rose above 8,749 homes.